Gazprom Neft is also discussing a shift from US dollars to euro payment in settlements with buyers, ITAR-TASS had reported earlier in the day, quoting Gazprom Neft CEO Alexander Dyukov.

“We have agreed with our buyers on possible conversion of the contracts into euro. Almost all, to say precisely, 95%, of purchasers confirmed that they were prepared to shift to settlements in euro,” Dyukov was quoted as saying.

“In a vague situation over sanctions we have considered different scenarios, including a certain alternative plan. In essence, there is nothing impossible in converting deals from US dollars to euro and euro to rubles. Certainly, it is needed to explore the effectiveness of this approach and this issue remains open personally for me,” the citation added.

Board chairman at VTB bank Andrei Kostin has put forward an initiative to pass urgently to settlements in rubles in exports, Vedemosti's story said. “Supplies of Gazprom, [Russian oil major] Rosneft and [Russian arms exporter] Rosoboronexport make about $230 billion annually, or 44% of aggregate commodity export," said the report, adding that "The West appeals to isolate Russia using US dollar settlements as nuclear weapons in finances.”

Kostin added that Gazprom CEO Alexei Miller, Rosneft President Igor Sechin and Director General of Russian technologies state corporation Rostec Sergei Chemezov had told him they were prepared to pass to settlements in rubles, the paper said.